In the aftermath of the most recent public listing in the industry, Polish brokerage XTB has announced that the company has recorded strong year-on-year growth in the first quarter of 2016. The firm, listed on the Warsaw Stock Exchange, has reported in its first ever quarterly report that it generated operating income and net profit of $21 million and $8.1 million, respectively. The company raised over $360 million when it got listed earlier this year in May.

The results marked an increase in margins with XTB’s EBITDA margin and net profit margin reaching 52.8 per cent and 38.5 per cent respectively. The company reports that the encouraging quarterly report figures have been driven by particularly good trading volumes around January and February 2016.

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The company has also outlined that the firm’s net profit generated in the 1st quarter of 2016 was higher by about $0.5 million when compared to the first quarter of 2015 which is a difference of 7 per cent. The result comes despite the first quarter of 2015, which was marked by the excessive moves in the Swiss franc which triggered broad based FX volatility.

The institutions business of XTB has been marked by an increase in profits by 103.5 per cent, from just below $1 million (PLN 3.9 million) in the first quarter of 2015 to just above $2 million (PLN 8.0 million) in the 1st quarter of 2016.

According to a company statement: “The Management Board of XTB believes that the institutional operations segment has a great growth potential and that its share in the Group’s operating income shall increase within the next few years.”